#EURUSD Price: Bullish Reversal Movement at $0.99 Support Level (18 JULY 2022)
EURUSD Price Analysis – July 18
When the bulls’ momentum break up the resistance level of $1.01, the price may reach resistance levels of $1.03 and $1.04. In case the sellers push down the price below the support level of $1.00, the price may decrease to test the support level of $0.90 which may extend to $0.89 level.
EUR/USD Market
Key Levels:
Resistance levels: $1.01, $1.03, $1.04
Support levels: $1.00, $0.90, $0.89
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. The Bears’ pressure increased last week. The support level of $0.90 was reached, the mentioned level holds and price pulled back. The former support levels of $1.04 and $1.03 have turned to resistance levels. Last week, the barrier at $1.01 support level could not withstand the bears’ pressure. The price dropped to support level of $0.90. Bullish engulfing candle formed and this triggered bullish movement. Sellers’ pressure is already weak and bulls may take over soon.
EURUSD is trading between the 9 periods EMA and the 21 periods EMA when the bulls’ pressure penetrated the fast moving EMA upside. Should the buyers’ momentum break up the resistance level of $1.01, the price may increase to resistance levels of $1.03 and $1.04. When the sellers push down the price and penetrate the support level of $1.00, the price may decline to test the support level of $0.90 which may decrease to $0.89 level. The Relative Strength Index period 14 is at 36 levels with the signal line pointing up to indicate a buy signal.
EURUSD medium-term Trend: Bullish
EURUSD is bullish in the medium-term outlook. Last week, Bears exerted more pressure on the price and the support level of $0.99 was tested. The sellers’ pressure became weak and could not break down the just mentioned support level. Bullish engulfing candle formed and the price broke up the dynamic resistance levels.
The price is trading above the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of strong bullish momentum in the market. Relative Strength Index period 14 is pointing up at 65 levels which indicate a buy signal.
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